Due to escalating tensions in Eastern Europe, Bitcoin, the world’s largest cryptocurrency by market value, fell to a two-week low of $37,300 early Monday before stabilizing around $39,000.
Analysts are skeptical that the uptick will continue. The Kremlin has ruled out the possibility of a meeting between Russian President Vladimir Putin and his American counterpart Joe Biden anytime soon, despite French President Emmanuel Macron’s suggestion on Sunday. In the meantime, insurgents supported by Russia have shelled Ukraine.
“It appears to be a full ‘de-risk’ across the board,” said Jason Deane, an analyst at Quantum Economics. “It’s hard to find an asset that is truly performing against the current uncertainties.” “If military action is taken, markets might get highly tumultuous.”
Ethereum, the second most valuable cryptocurrency, has dropped 6.8% in the last week, trying to keep over $2,700.
Metaverse and gaming-related tokens, on the other hand, are typically higher on the day. In the last 24 hours, Axie Infinity (AXS), the market leader in crypto’s still-nascent “play-to-earn” sector, has gained 5%.
According to data from DappRadar, the game’s lifetime sales of non-fungible tokens (NFTs) had reached $4 billion. The game was released in 2018 and now has a $3.2 billion market valuation.
With a 3 percent gain, Decentraland Games is also doing well. Guild Games’ Yield has increased by 2.5 percent.